https://app.luminpdf.com/viewer/cmHF8SrhbeEKSQtRL QUESTION 1 Choose the correct

Question

https://app.luminpdf.com/viewer/cmHF8SrhbeEKSQtRL

QUESTION 1

Choose the correct Adjusting entry to record Supplies Expense. Physical inventory as of June 30 for Office Supplies is $120

A. Debit Office Supplies Expense $120 and Credit Office Supplies $120

B. Debit Office Supplies Expense $420 and Credit Office        Supplies $420

C. None of these are correct

D. Debit Office Supplies $120 and Credit Office Supplies Expense $120

E. Debit Office Supplies $420 and Credit Office Supplies Expense $420

A. Debit Office Supplies Expense $120 and Credit Office Supplies $120

B. Debit Office Supplies Expense $420 and Credit Office        Supplies $420

C. None of these are correct

D. Debit Office Supplies $120 and Credit Office Supplies Expense $120

E. Debit Office Supplies $420 and Credit Office Supplies Expense $420

Explanation / Answer

Office supplies expense shall be debited by the amount of supplies used and not be the inventory in hand.

The correct option is B

B. Debit Office Supplies Expense $420 and Credit Office Supplies $420

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